In the goods market, firms ________ and households ________
A) supply goods and services; purchase goods and services
B) pay rent, wages, interest, and profit; earn rent, wages, interest, and profit
C) supply land, labor, capital, and entrepreneurship services; hire land, labor, capital, and entrepreneurship services
D) purchase goods and services; supply goods and services
E) hire land, labor, capital, and entrepreneurship services; supply goods and services
A
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Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the third ice cream cone?
A) $0 B) $0.50 C) $1.50 D) $2.50
In a coin toss bet, where both heads and tails are equally likely, you win a dollar on heads but lose a dollar on tails. The expected value of the bet is
a. $0.50 b. -$0.50 c. $1.00 d. $0.00
If an economy's population grows at 3 percent and real GDP grows at 2 percent, then:
a. per capita real GDP is declining. b. the economy's standard of living is increasing. c. per capita real GDP is negative. d. per capita real GDP is growing. e. the economy is experiencing unemployment.
When a country imposes a tariff to protect a domestic monopolist from international competition, it will produce _______ output and charge _______ in a perfectly competitive domestic industry.
a. more; a higher price than b. the same; the same price as c. less; a higher price than d. less; a lower price than